Hotchkis & Wiley Capital Management LLC Sells 11,900 Shares of Arrow Financial Corporation $AROW

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Arrow Financial Corporation by 9.9%, selling 11,900 shares and retaining 107,930 shares, valued at approximately $2.84 million.
• Arrow Financial recently reported a quarterly earnings per share (EPS) of $0.70, surpassing analyst expectations of $0.62, and generated revenue of $51.57 million, well above the consensus estimate of $39.83 million.
• The company declared an increased quarterly dividend of $0.29 per share, resulting in an annualized dividend yield of 3.9% and raising its dividend payout ratio to 63.39%.

Hotchkis & Wiley Capital Management LLC trimmed its stake in Arrow Financial Corporation (NASDAQ:AROW - Free Report) by 9.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,930 shares of the financial services provider's stock after selling 11,900 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 0.65% of Arrow Financial worth $2,837,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of AROW. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Arrow Financial by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,406 shares of the financial services provider's stock valued at $270,000 after acquiring an additional 436 shares in the last quarter. HighTower Advisors LLC grew its position in Arrow Financial by 4.9% during the 1st quarter. HighTower Advisors LLC now owns 14,610 shares of the financial services provider's stock valued at $384,000 after purchasing an additional 688 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Arrow Financial by 130.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,241 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 703 shares during the last quarter. MetLife Investment Management LLC increased its stake in Arrow Financial by 9.4% during the 4th quarter. MetLife Investment Management LLC now owns 10,076 shares of the financial services provider's stock valued at $289,000 after purchasing an additional 866 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Arrow Financial by 19.4% in the fourth quarter. Wells Fargo & Company MN now owns 11,563 shares of the financial services provider's stock worth $332,000 after buying an additional 1,881 shares during the last quarter. 46.71% of the stock is owned by hedge funds and other institutional investors.

Arrow Financial Trading Up 0.8%

NASDAQ:AROW opened at $29.57 on Wednesday. The company has a market cap of $487.02 million, a PE ratio of 16.16 and a beta of 0.82. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a 50 day simple moving average of $27.21 and a two-hundred day simple moving average of $26.28. Arrow Financial Corporation has a 12 month low of $22.72 and a 12 month high of $34.63.

Arrow Financial (NASDAQ:AROW - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. Arrow Financial had a return on equity of 8.64% and a net margin of 13.28%.The firm had revenue of $51.57 million for the quarter, compared to the consensus estimate of $39.83 million. Research analysts forecast that Arrow Financial Corporation will post 2.65 earnings per share for the current year.

Arrow Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a dividend of $0.29 per share. The ex-dividend date was Monday, August 11th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.9%. This is an increase from Arrow Financial's previous quarterly dividend of $0.28. Arrow Financial's dividend payout ratio is presently 63.39%.

Insider Activity at Arrow Financial

In other Arrow Financial news, CFO Penko Krassimir Ivanov acquired 1,425 shares of the stock in a transaction dated Wednesday, August 6th. The shares were purchased at an average price of $26.50 per share, for a total transaction of $37,762.50. Following the purchase, the chief financial officer directly owned 7,709 shares of the company's stock, valued at approximately $204,288.50. This trade represents a 22.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 3.28% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AROW shares. Piper Sandler cut their price target on shares of Arrow Financial from $30.00 to $28.00 and set a "neutral" rating on the stock in a report on Monday, May 5th. Wall Street Zen raised Arrow Financial from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Hovde Group lifted their target price on Arrow Financial from $27.50 to $28.50 and gave the stock a "market perform" rating in a report on Friday, July 25th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $28.25.

Arrow Financial Company Profile

Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and enhancement to commercial properties, as well as commercial construction and land development loans to finance projects.

Want to see what other hedge funds are holding AROW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arrow Financial Corporation (NASDAQ:AROW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.